Latin America Economic Forecast

Economic Snapshot for Latin America

September 14, 2022

Economic Growth

Regional growth will soften this year and next on high inflation, tighter monetary policy and weaker momentum abroad. However, recovering tourist inflows, the fading pandemic and high commodity prices by historical standards will provide support. Faster-than-expected monetary tightening, a slowdown in key export market China and sociopolitical unrest are risks.

Inflation Outlook

Regional inflation dipped to 15.7% in August from 16.0% in July. Weaker currencies, high commodity prices and de-anchored expectations in some countries will keep inflation elevated this year and next, despite higher interest rates and government subsidies. Currency outflows, extreme weather and potential extra government cost-of-living support pose risks to the outlook.

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